Jollibee Foods Corporation (PSE: JFC) today announced that its wholly-owned brand Tim Ho Wan has signed definitive agreements with its long-standing North America and Japan joint venture partner, WDI, to realign their partnership across North America and Japan. The transaction gives Tim Ho Wan full control of one of its priority growth platforms while enabling WDI to deepen its commitment to the brand in Japan, positioning both companies to accelerate expansion in markets where they hold the strongest strategic advantage. The realignment allows each partner to focus its resources and expertise on the market it is best positioned to accelerate growth.
The transaction is subject to the satisfaction of customary closing conditions and regulatory approvals and is expected to be completed within the third quarter of 2026.
WDI is a publicly listed restaurant company headquartered in Tokyo, Japan. Founded in 1954, WDI develops, operates, and manages a diverse portfolio of restaurant brands across Japan and international markets, bringing dining concepts from around the world to consumers through a focus on hospitality, authenticity, and operational excellence. WDI’s portfolio includes renowned brands spanning casual dining, premium dining, and international restaurant concepts, with operations across Asia, North America, and Europe. WDI has served as Tim Ho Wan’s joint venture partner across North America and Japan and will continue as Tim Ho Wan’s franchise partner in Japan following this realignment.
North America: Full Ownership and a Sharper Growth Focus
Under the agreement, Tim Ho Wan will acquire WDI‘s thirty percent (30%) interest in the joint venture that operates the Tim Ho Wan platform across North America, moving from majority partner to sole owner. This transaction gives Tim Ho Wan full ownership and control of the platform, with the ability to independently operate, develop, franchise, and appoint franchise partners across the region, an important step in accelerating the brand’s growth in one of the Jollibee Group’s priority international growth markets. Tim Ho Wan will pay WDI aggregate consideration of approximately US$5.05 million for the North America realignment.
Upon completion, Tim Ho Wan’s North America platform will include five stores in the US, comprising three company-owned stores and two franchised locations with further expansion planned through franchising. Tim Ho Wan will take over the New York and Hawaii stores and assume management of the Las Vegas and Texas locations, strengthening its US footprint.
According to IBISWorld’s 2026 industry estimates, the US Chinese restaurant industry generates approximately US$29 billion in annual sales. As the largest market within North America, the US provides a strong foundation for growth, while the broader regional opportunity extends beyond this figure. The dim sum segment remains relatively fragmented, with few brands operating at scale across multiple markets. Tim Ho Wan plans to expand to quadruple its business by expanding to 20 in US stores by 2028, positioning the brand to participate in the category’s long- term growth while remaining focused on delivering authentic Hong Kong dim sum experiences.
Momentum from the recent opening of Tim Ho Wan Irvine, the brand’s first company-operated US location, has established a repeatable operational blueprint for the market, and future growth will be driven increasingly through franchising and local development partnerships that bring Tim Ho Wan to more communities across North America. Full ownership provides Tim Ho Wan with greater flexibility to accelerate expansion, enter new states and provinces, optimize capital allocation and execute franchise partnerships across North America.
“North America is one of Tim Ho Wan’s most important growth markets, and taking full ownership of the platform gives us greater flexibility to invest in, expand and franchise the brand as we pursue its next phase of growth. With full ownership of our North America platform, we can move faster, invest with greater flexibility and expand the brand with a sharper focus on long-term value creation. This realignment allows us to sharpen our focus on markets where we see the greatest long-term opportunity, while enabling our valued partner WDI to do the same in Japan. We are pleased to have reached an outcome that strengthens both businesses and supports the continued growth of the brand.” —Yeong Sheng Lee, CEO, Tim Ho Wan
Japan: Aligning Ownership with Local Market Strengths
In a complementary and coordinated step, WDI will acquire Tim Ho Wan’s 30% interest in the Japan joint venture that holds the unit franchise rights for Tim Ho Wan in Japan. Following the transaction, WDI will own 100% of the franchise rights vehicle responsible for developing and overseeing the Tim Ho Wan brand in the Japanese market. As WDI‘s home market, Japan is where it brings deep local market knowledge, operating expertise, and an established restaurant portfolio. For Tim Ho Wan, the realignment supports a sharper focus on markets where the Jollibee Group is best positioned to drive long-term growth, while allowing WDI to fully lead Tim Ho Wan’s development in Japan. WDI will pay Tim Ho Wan aggregate consideration of approximately JPY166.1 million (circa US$1.0 million) for the Japan realignment.
WDI currently operates four Tim Ho Wan stores in Japan, with three stores in Tokyo and one in Osaka, including the brand’s flagship Hibiya location. This is a valuable proof point, confirming the brand’s Michelin-recognized appeal travels well beyond Hong Kong.
“Japan is our home market, and this realignment allows WDI to take full ownership of Tim Ho Wan’s operations here, so we can fully apply our operating expertise and capabilities to grow the brand for Japanese diners. We’re proud of what we’ve built together with the Tim Ho Wan and Jollibee Group teams, and equally pleased that our partnership continues, with THW remaining the franchisor, WDI looks forward to continuing on as a valued franchise partner. This step lets each of us focus on the markets where we are best positioned to drive long-term value, and we’re excited about the road ahead together.”— Ken Shimizu, President, WDI Corporation